Merc P5-46B Journalizing purchase and sale transactions-periodic inventory Lear App system Journalize the following transactions that occurred in June 2018 for Daley Company Assume Daley uses the periodic inventory system. No explanations are needed. Iden- tify each accounts payable and accounts receivable with the vendor or customer name. Daley estimates sales returns at the end of each month. Jun. 3 Purchased merchandise inventory on account from Sherry Wholesalers, $5,500. Terms 3/15, n/EOM, FOB shipping point. 4 Paid freight bill of $42 on June 3 purchase. 4 Purchased merchandise inventory for cash of $1,100. 6 Returned $200 of inventory from June 3 purchase. 8 Sold merchandise inventory to Henrich Company, $4,400, on account. Terms 2/15, n/35. Purchased merchandise inventory on account from Tex Wholesalers, $4,600. Terms 1/10, n/30, FOB destination. 9 Made payment to Sherry Wholesalers for goods purchased on June 3, less return and discount. 10 12 Received payment from Henrich Company, less discount. 13 After negotiations, received a $300 allowance from Tex Wholesalers 15 Sold merchandise inventory to Jarvis Company, $1,500, on account. Terms n/EOM. Made payment, less allowance, to Tex Wholesalers for goods purchased on June 9 Jarvis Company returned $100 of the merchandise sold on June 15. Sold merchandise inventory to Smith for $700 on account. Terms of 3/10, n/30 was offered, FOB shipping point. Received payment from Smith, less discount. Received payment from Jarvis Company, less return. 22 23 25 29 30 Merc P5-46B Journalizing purchase and sale transactions-periodic inventory Lear App system Journalize the following transactions that occurred in June 2018 for Daley Company Assume Daley uses the periodic inventory system. No explanations are needed. Iden- tify each accounts payable and accounts receivable with the vendor or customer name. Daley estimates sales returns at the end of each month. Jun. 3 Purchased merchandise inventory on account from Sherry Wholesalers, $5,500. Terms 3/15, n/EOM, FOB shipping point. 4 Paid freight bill of $42 on June 3 purchase. 4 Purchased merchandise inventory for cash of $1,100. 6 Returned $200 of inventory from June 3 purchase. 8 Sold merchandise inventory to Henrich Company, $4,400, on account. Terms 2/15, n/35. Purchased merchandise inventory on account from Tex Wholesalers, $4,600. Terms 1/10, n/30, FOB destination. 9 Made payment to Sherry Wholesalers for goods purchased on June 3, less return and discount. 10 12 Received payment from Henrich Company, less discount. 13 After negotiations, received a $300 allowance from Tex Wholesalers 15 Sold merchandise inventory to Jarvis Company, $1,500, on account. Terms n/EOM. Made payment, less allowance, to Tex Wholesalers for goods purchased on June 9 Jarvis Company returned $100 of the merchandise sold on June 15. Sold merchandise inventory to Smith for $700 on account. Terms of 3/10, n/30 was offered, FOB shipping point. Received payment from Smith, less discount. Received payment from Jarvis Company, less return. 22 23 25 29 30
